Tesla Inc.'s stock experienced a notable 5% decline, attributed largely to comments made by CEO Elon Musk, amidst a broader context of financial results and forecasts within the electric vehicle (EV) industry. Rivian Automotive also reported its quarterly earnings, revealing a revenue of $1.32 billion against expectations of $1.25 billion but faced criticism for its future production outlook and financial health. Rivian's stock fell 15% following the announcement of layoffs and a lowered production forecast for 2024, with the company now expecting to deliver 57,000 vehicles, significantly below the anticipated 80,000. This news also negatively impacted Tesla's stock, highlighting the interconnected nature of the EV market. Additionally, Rivian's financial struggles, including a projected cash burn of approximately $6.75 billion in 2024 and negative free cash flow and EBITDA margins, further underscore the challenges facing the sector. Rivian's gross margins also took a hit, emphasizing the financial pressures in the EV space.